Vancouver —
The new resource weighs in at 105 million tonnes grading 0.74% copper, 0.052% molybdenum and 3.9 grams silver per tonne. The estimate is based on a copper cutoff grade of 0.5% copper. When the cutoff is reduced to 0.3% copper, the resource tallies to 270 million tonnes grading 0.52% copper, 0.051% molybdenum and 3 grams silver per tonne.
The previous inferred resource estimate, based on 27 diamond drill holes, stood at 190 million tonnes grading 0.83% copper and 0.06% molybdenum.
Inca Pacific attributes the reduction in tonnage to two factors: the last round of drilling identified the presence of a low-grade core within the Magistral intrusion, and the current drill spacing does not incorporate higher-grade material.
The revised estimate is based on 76 holes, or 24,640 metres of diamond drilling. Initial scoping studies by Anaconda Peru indicate there are no technical obstacles to preclude development of an open-pit mine, provided the economics of the deposit warrant development.
The breakdown of the mineral resource into measured, indicated and inferred categories based on a 0.5% copper cutoff, is as follows:
– the measured resource is 31 million tonnes grading 0.79% copper, 0.055% molybdenum and 4 grams silver per tonne;
– the indicated resource is pegged at 33 million tonnes grading 0.78% copper, 0.052% moly and 4.3 grams silver;
– the inferred resource stands at 42 million tonnes grading 0.68% copper, 0.05% moly and 3.6 grams silver.
Interpretations of the geological data indicate that the skarn and porphyry-style mineralization at Magistral forms a coherent body that remains open at depth. The resource lies in a saddle-shaped body of mineralization that measures 1.2 km long by 125 metres wide and extends to a depth of at least 350 metres.
Preliminary metallurgical studies suggest the mineralization responds well to flotation processing, and recoveries in closed-circuit flotation tests averaged 93% for copper and 62% for moly.
No deleterious elements are expected to affect the concentrates. There is anomalous arsenic in various parts of the deposit; however, metallurgical test have shown that only a small portion of it reports to the copper concentrate. The company states that if the various mineralization types are blended during processing, arsenic contents in the concentrate will be below penalty thresholds.
Anaconda Peru has spent US$5.1 million exploring Magistral and has exercised the underlying option between Inca Pacific and Banco Minero del Peru. The property has been assigned to a Peruvian company, Ancash Cobre. Inca Pacific holds 49% of that company’s shares; Anaconda Peru, 51%.
Anaconda is engaged in a scoping study and must decide weather to prepare a bankable feasibility study over the next two years and subsequently increase its interest to 65%.
Inca Pacific has 40.7 million shares fully diluted and $600,000 in working capital.
Anaconda Peru is a subsidiary of
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